YouTube creators contribute ₹6,800 crore to GDP in 2020: Report

American online video sharing and social media platform, YouTube on Thursday said its growing creator ecosystem has contributed ₹6,800 crore to the Indian GDP and supported 6,83,900 full-time equivalent jobs in India in 2020, as per a report by independent consulting firm Oxford Economics.  

Multiple revenue streams such as brand partnerships, live performance and others not only support jobs and income for creative entrepreneurs themselves, but also wider activity in supply chains, the report said. India now has nearly 4,000 channels with more than 100,000 subscribers, marking a growth of over 45%, year-on-year. 

In India, 72% of creative entrepreneurs said that the revenue they receive from ads placed on their YouTube content is an important source of income for them, 80% believe that YouTube has had a positive impact on their professional goals while 63% agreed that being on YouTube has brought them opportunities away from the platform.  

Also read: YouTube to trial new monetisation features in India first before expanding globally: Pichai

“The creator economy in the country has the potential to emerge as a soft-power impacting economic growth, job creation, and even cultural influence. As our creators and artists build the next generation of media companies that are connecting with a global audience, their impact on the economy’s overall success will only continue to accelerate,” Ajay Vidyasagar, regional director, APAC, YouTube Partnerships said in a statement.   

At a media roundtable, Vidyasagar said while numbers for 2021 were still being consolidated, the year has seen significant growth on top of 2020 with creators discovering new modes of revenue monetisation even though advertising continues to be the principal driver.   

Growth in regional languages and categories like learning, cooking, technology and gaming are driving the creator economy, Vidyasagar said.  

According to the report, 94% of students (aged 18 plus) who use YouTube reported using it to support their assignments or personal study while 81% of teachers who use YouTube agreed that YouTube gives students the flexibility to learn at their own pace.   

98% of users said they use YouTube to gather information and knowledge while 59% of users who have actively looked for a new job in the last 12 months use YouTube to help them develop new skills for the job market.   

Over 80% of creative entrepreneurs said that the platform has had a positive impact on their professional goals, according to the report with different ways to monetize content. The number of YouTube channels making six figures or more in revenue is up more than 60% year on year, the report said.   

The report said two in three users often come to YouTube for developing a practical skill. About 69% of users said the platform has helped them discover videos from other states or cultures in India while 79% agreed it has had a positive impact on their mental health or physical wellbeing since the start of the Covid-19 pandemic.   

“Our research shows that YouTube fosters significant positive impact for Indian creators in terms of helping them achieve their professional goals and grow their businesses,” Adrian Cooper, CEO Oxford Economics, said in a statement.